The USDA confirmed what was discussed in 2 previous posts put out over past two months titled "HEADS UP: Watch Grain Prices Next 8 Weeks" in August and the September update "UPDATE: Effectively Out Of Corn (Soon Soybeans)?"
See the Wall Street Journal post about the USDA report released today of .over a 5 percent drop in yields from 162.5 bu/acre to 155.8 bu/acre.
Now..this has caused a limit up of 30 cents in futures until July 2012 (need say more).
Folks...this is significant...especially those who are following food supply issues.
This confirms ongoing conversations with local farmers (including family). Please read the 2 previous posts above of where we appear to be headed.
Addtional Impacts to our faultering economy...then of course, society?
OK, could you go into more detail as to what is occurring and your prediction as to what's going to occur in the near and distant future? You know I've read the other two thread thoroughly but would like an update if you could. In other words, lay it out in a neat, easy, layman type fashion
Or, you can tell me to bugger off!
Logan +1. Is it weather issue? or something else like disease?
Sure. This report, combined with lower stocks, indicates supply shortfalls will be likely unless world demand drops of (no evidence).
1.) Prices should be volatile and rise well beyond rate of inflation.
2) Keen farmers are now aware of this and will plan accordingly in selling this years crop harvest.
3.) My take (and my father-in-law's) is at least spotty shortages seem almost assured by fall of next year.
4.) USDA credibility continues to fall.
BOTTOM LINE: Higher Food Prices.
This is only a shocker to those who were not paying attention. Keep an eye out for the weather: it was too wet this spring in the USA, too hot in the late summer, and the grain problems in Russia were well-known.
I don't trust the USDA forecasts any more than I trust the "official" unemployment figures. There is too much political gain to be gotten by manipulated them both.
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